Right on the Money: Epicor Prophet 21 for Rebate Management
Achieving profitability through distribution management software has never been easier. With the technology available in Epicor’s Prophet 21, automation can quickly optimize workflow across the distribution spectrum. In the critical area of rebate management, Prophet 21 rebate management modernizes supplier administration by streamlining the process of tracking and collecting. This, in turn, minimizes administrative costs and maximizes overall profitability for your business.
Prophet 21 Leaves No Money on the Table
With Mardi Gras upon us, if you were a Mississippi gambler playing your odds on one of the French Quarter’s finest felts, you’d want to maximize whatever deals were available—without showing your cards prematurely or leaving any money on the table. In a similar shake, the key to successful rebate management lies in the ability to define a robust set of conditions based on varying supplier parameters. This allows for automated downstream processing and transactional accuracy. This minimizes the internal costs of administering rebates, while maximizing those available. Prophet 21’s vendor rebates support a similar strategy of capitalizing on what’s available, leaving no money on the vendor’s proverbial felt.
Prophet 21 Makes Payables Playable
Because Prophet 21 is a highly configurable application, it can meet the needs of a variety of different vendor scenarios. Setup for rebates begins with the overall system settings. The System Settings form allows users to configure enhanced rebate functionality. Under the general settings within the Account Payable business area, “Enhanced rebate functionality” can be enabled. This sets the stage for further downstream system configuration.
Financial settings are made at the company level, where default general ledger accounts for rebates and rebate allowances are defined. Subsequent settings occur at the vendor and customer levels. Prophet 21 rebate tracking can be enabled for individual vendors—and this allows P-21 users to differentiate between rebate-applicable and non-rebate-applicable suppliers. Further settings at vendor level enable the user to override the rebate and the rebate allowance accounts defined at the company. At the vendor level, rebate variance-handling settings can also be defined. At the customer level, the default rebate location can be optionally defined.
The jackpot of P-21’s automated rebate functionality resides within the Sales Pricing pages. A number of possible rebate methods can be defined within these screens, including the following:
- The Value Method: This specifies a cost-after-rebate value, which is subsequently compared to the base cost at the time of invoicing to determine a rebate amount.
- The Multiplier Method: This allows you to specify your costs as a percentage of the primary supplier cost, with the remaining value at time of invoicing resulting in your rebate.
- The Flat Method: This allows for a flat rebate amount to be placed against the supplier cost.
When automated rebate capture is not possible, you can determine manual rebates through Prophet 21’s Manual Rebate Entry screen. For payments, P21 supports check and debit memos, which are applied with the AP module as if they were cash receipts. Beyond automated and manual rebates, Prophet 21’s EDI solution supports outgoing rebate requests to vendors and incoming rebate payments from them. And in the event that a rebate needs to be reversed, the Rebate Reversals screen allows you to completely reverse the original posting.
Prophet 21 Means You Don’t Have to Gamble to Grow
Epicor Software Corporation has a strong reputation for providing powerful functionality for the distribution industry. With real-time tracking and optimal automation, Prophet 21 immediately boosts profitability and enables further success by bringing cloud and e-commerce technology to any distributor looking to grow or transform business. With fast implementation at minimal investment, Prophet 21 ERP allows you to keep your purse strings tight and leave no money on the table, especially when deployed through P21 managed hosting in EstesCloud.
Want to learn more about Prophet 21’s distribution features? Read our blog on Prophet 21 Rental Management.
Would you like to see how Prophet 21 helps businesses like yours save time & money while lowering risks and stress? Please fill out the form below to get a P21 demo, and we will contact you shortly to help make your distribution business run better with Prophet 21.